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Tata Power Solar and BOI Forge Alliance for Green Financing

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Tata Power Solar and BOI Forge Alliance for Green Financing

Tata Power Solar Systems Limited (TPSSL), a leading name in India’s renewable energy sector and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic partnership with the Bank of India (BOI). This collaboration aims to streamline financing options for rooftop solar installations and electric vehicle (EV) charging stations, marking a significant milestone in India’s journey towards sustainable energy.

As the first solar company to join forces with BOI for both solar and EV charging station financing, Tata Power Solar reinforces its position as a leader in green energy solutions. The partnership supports government initiatives, including the PM Surya Ghar Yojana, which promotes rooftop solar installations across a broad customer base—ranging from residential users to housing societies and Micro, Small, and Medium Enterprises (MSMEs).

The financing options under this partnership are designed to make green energy solutions more accessible and affordable. For residential customers installing solar systems up to 3 KW, loans of up to Rs. 2 lakh are available with just a 5% margin money requirement. These loans offer an attractive interest rate of 7.10% per annum, are collateral-free, and have a tenure of up to 10 years. For installations above 3 KW and up to 10 KW, loans up to Rs. 6 lakh are available, with interest rates ranging from 8.3% to 10.25% per annum. Registered housing societies and residential welfare associations can access loans up to Rs. 1 crore with a 10% margin money requirement.

UDYAM-registered MSMEs interested in setting up rooftop solar systems or EV charging stations can avail of loans up to Rs. 30 crore. These loans offer low interest rates starting from 9.35% per annum, with a margin requirement of 15%, and are available with collateral-free options. The repayment tenure extends up to 120 months, with the potential for additional benefits under the MSE-GIFT (Green Investment & Financing for Transformation) interest subvention program.

Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed pride in the collaboration, stating, “We are honored to collaborate with Bank of India to advance sustainable energy solutions across various customer segments. This partnership aligns with our mission to bring affordable, clean energy to millions and accelerate India’s transition to a low-carbon economy. With the help of partners like the Bank of India, we are delighted to provide affordable and easy financing solutions for our customers looking to invest in either Rooftop Solar or EV Charging Infrastructure, which will help them take their first steps on their green energy journey.”

Ashok Kumar Pathak, Chief General Manager at Bank of India, echoed this sentiment, emphasizing the bank’s commitment to sustainable development. He remarked, “Our partnership with Tata Power Solar marks a significant step towards fostering sustainable development. As the first bank to tie up with a solar company for solar and EV charging station financing, we are proud to offer tailored financial solutions that will empower individuals, housing societies, and MSMEs to embrace renewable energy. This initiative reflects our commitment to supporting the government’s vision for a green and sustainable future.”

With a solar rooftop portfolio exceeding 2 GW, TPSSL continues to expand its footprint across India, providing comprehensive solutions for residential, commercial, and industrial clients. The company’s extensive experience, bolstered by the Tata brand’s trust, and a vast network of channel partners, ensures high-quality operational and maintenance services in over 275 cities. Additionally, TPREL’s leadership in electric vehicle charging infrastructure, with a network spanning over 550 cities and towns, highlights its dedication to promoting e-mobility in India.

The partnership between Tata Power Solar and BOI represents a crucial step in making green energy solutions more accessible and affordable, supporting India’s broader goals of sustainable development and energy transition.

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